The Economic Offences Wing (EOW) of the Mumbai Police received several complaints about the app, which is available on the Google Play Store. According to the police, the app is not registered or authorised by any financial regulator such as the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).
“Please note that COSTA App Saving is not authorised by RBI, SEBI, or any other regulatory authority,” the police said in a post on X (formerly Twitter).
The police warned citizens to be cautious and avoid investing in unregistered or unregulated apps and platforms. “Always verify investment platforms with RBI, SEBI, or other relevant bodies before investing,” the advisory stated.
Those who have already invested money in the app have been asked to report their complaints to the Economic Offences Wing (EOW). Victims can also send details and complaints to srpieiu.eowmum@mahapolice.gov.in.
“Your vigilance is your best protection; verify before you invest,” the Mumbai Police said.
This warning comes after a similar scam was reported earlier this year in Telangana. In January 2025, a fake investment app called CostaApp allegedly cheated thousands of people in Jangaon and Warangal districts of around Rs 15 crore. After collecting money, the app suddenly shut down, leaving investors helpless.
The Mumbai Police have urged citizens to stay alert and avoid downloading or investing in unknown apps promising quick or guaranteed profits.
Tags:
Cybercrime
